Founded in 1985, Magnum Fine Wines specialises in fine wines from the leading French regions, working with the top 25 châteaux in Bordeaux and retaining the services of leading Bordeaux expert David Peppercorn MW.

In a message on the Magnum website, Alan Rayne said: ‘After a very enjoyable 29 years in the wine business, I have decided to retire.

‘We have sold the company to one of the largest and most reliable fine wine companies in the UK, Farr Vintners Ltd.’

Farr Vintners chairman Stephen Browett said: ‘I have known Alan for nearly 30 years and feel very honoured that he has chosen to entrust Farr Vintners to look after his customers and their wine portfolios in the future.

‘Alan is rightly proud of the business that he has built up, and a key part of his decision to pass the company on to Farr Vintners was that he knows that his customers will continue to receive exemplary and professional service.’

Browett said Farr Vintners would spend the coming weeks integrating Magnum’s customer information into its own systems and would contact customers once this process was complete.

He added that Magnum, like Farr, keeps all stocks and customer reserves in the underground cellars of Octavian Vaults.

Rayne, who was awarded Bordeaux’s prestigious Commandeur d’Honneur of the Grand-Maitre de l’Ordre du Bontemps in 2004, will remain with the company until the end of September.